I got a very nice email today. Read below.
| "Hello Mr. Norman. I know you’re a busy man but I just felt compelled to let you know that even though your investment services are geared to provide customers with positive returns on investment, for myself, your blog has helped educate a young eager mind about monetary and fiscal policy. I am a 25 yr old treasury repo interdealer broker and your blog has taught me, as well as motivated me, to learn all of the intricacies of the Fed and Treasury than 4 years at Pace University ever did..." Sincerely; Mike Fers |
Hopefully, this kid will be making policy one day.
Wow! Nice letter :)
ReplyDeleteYou do sometimes offer what to my eyes are novel macro paradigm perspectives. It's frankly hard to find those anywhere I happen to look.
ReplyDeleteI dont' quit eunderstand your Government deficit = private sector surplus and government surpluses = private sector deficit. This is not just because Rubin tried to convince us otherwise in the '90s.
Is the former true because our government can borrow at such low interest rates? And the latter is obviously true, except that I thought the Keynesian idea was to run surpluses to help pay down counter-cyclical debt and moderate booms. That being said, monetary policy would seem to be a much better tool to moderate booms.
I'm not an economist, so maybe I missed something somewhere.
Moderating booms means keeping inflation in check, in this case.
ReplyDelete